AGCS cyber claims top 1,000 in 2020 as loss tally continues to riseAllianz Global Corporate & Specialty has revealed it was involved in 1,000 cyber claims in 2020, an 80 percent increase from 2016, according to its latest cyber insights report.
PE-backed legacy firm Marco strikes third deal with Allianz UK Gibbon Pools liabilitiesOaktree Capital Management’s legacy start-up Marco Capital Holdings Ltd has completed its third transaction since launching last year with a deal to release an Allianz UK subsidiary from its decades-old liabilities arising from the Gibbon Pools.
AGCS hires Craven as senior underwriter for airlines and aerospaceAllianz Global Corporate & Specialty has hired Nexus’ Henrietta Craven to join its London and Nordics regional unit as senior underwriter, airlines and aerospace, The Insurer understands.
Allianz exploring life asset transfer amid Structured Alpha probe: reportsEurope’s largest insurer Allianz is reportedly in advanced talks to transfer a block of Swiss life insurance assets to Resolution Life, a move that could free up regulatory capital as the firm prepares for the financial hit from US probes into its asset management arm.
Reports: Allianz asset management head Hunt in talks to departAllianz is looking to shake up its management board, with talks reportedly taking place over the potential exit of asset management head Jacqueline Hunt as the German insurance and financial services giant continues to deal with lawsuits and regulatory probes into its Structured Alpha Funds.
AGCS’ Vassallo succeeds Hunt as regional head of energy and constructionAllianz Global Corporate & Specialty has appointed Anthony Vassallo as its new regional head of energy and construction for regional unit London and Nordics, succeeding Tracey Hunt, who is leaving the group for an external opportunity.
Allianz downgraded on Structured Alpha investment fund sagaBerenberg has downgraded Allianz from buy to hold on the back of news that executives at the European insurance giant are being investigated by regulators over how its Structured Alpha funds were managed during the Covid-19 market downturn.
Allianz fund losses under investigation by German regulator: reportsGerman regulators have launched an investigation into insurer Allianz in relation to the management of Allianz’s Structured Alpha funds during the market downturn last year, according to reports.
Allianz Structured Alpha fund loss could hit $8bn: BerenbergGerman insurer Allianz could face a €6.8bn ($8bn) hit as a result of the Department of Justice’s investigation into how its Structured Alpha fund was managed during the Covid-19 market downturn, Berenberg analysts have estimated in a worst-case scenario.
Allianz given greenlight by EC for €2.7bn Aviva Poland takeoverThe European Commission has approved Allianz’s €2.7bn ($3.2bn) acquisition of Aviva’s operations in Poland, stating the merger “does not raise any competition concern”.
Allianz’s Bäte warns of consequences for individuals implicated in Structured Alpha funds probeEmployees who are found to have violated standards in relation to the management of Allianz’s Structured Alpha funds during the market downturn last year will “not be tolerated” and any inappropriate actions found “would trigger consequences”, Allianz Group CEO Oliver Bäte has said.
Allianz in Q2 beat as operating profit surges 30% despite nat cat bill of €607mnGerman insurer Allianz has delivered a consensus-beating second quarter operating profit of €3.32bn ($3.93bn) – up 29.4 percent on the prior-year period – with all divisions driving the result with the exception of its P&C unit, which marginally missed analysts’ forecasts.
Allianz’s XoL reinsurers on notice for €600mn loss as pegs Europe flood bill at €900mnGerman insurance heavyweight Allianz has notified its reinsurance panel it provisionally expects losses of €900mn ($1.07bn) from the European floods in July, with the carrier set to pass on €600mn of this to reinsurers, The Insurer can reveal.
Allianz market cap drops ~€7bn as warns DoJ probe could “materially impact” futureShares in Allianz dropped almost 8 percent yesterday to close at €193.70, cutting around €7bn ($8.3bn) from the firm’s market capitalisation in a single day as investors digested warnings from the carrier that its future financials may be impacted by pending litigation in the US.
Allianz trades down 7% as warns of ‘material impact’ of DoJ intervention in $6bn+ investor disputeShares in Allianz were down nearly 8 percent in trading today after the European heavyweight warned that the US Department of Justice (DoJ)’s investigation into its Structured Alpha Funds could “materially impact” its future financial results.
Allianz Deutschland expects to pay out €500mn for German flood claimsAllianz Deutschland is facing more than €500mn ($592mn) of claims related to recent flooding in Germany, the carrier has revealed.
Allianz launches global commercial division under TownsendGerman insurance giant Allianz has announced the launch of a global commercial insurance division to focus exclusively on the P&C commercial sector.
Allianz hit with £16mn BI claim from Coppa Club ownerThe London-listed owner of UK restaurants Coppa Club and Tavolino is suing insurer Allianz for £16.4mn ($22.4mn) over the payment of claims related to business interruption losses suffered as a result of the pandemic lockdowns.
Insurers’ $35mn settlement with Rochester diocese challenged by creditorsThe Diocese of Rochester has hit back at opposition from creditors to a $35mn settlement with some of its insurers relating to child abuse claims, with the diocese arguing the settlement will help it emerge from bankruptcy and provides the basis for compromise negotiations with its other insurers such as CNA.
Miami condo collapse lawsuit reveals QBE and Allianz also among insurersA new lawsuit stemming from the Champlain Towers South condo collapse has included insurers among the defendants, revealing that QBE, Allianz and Philadelphia Insurance also provided cover in addition to Great American and James River.